Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 39.39 yuan [7]. Core Views - The company reported a significant recovery in demand, with third-quarter performance meeting expectations. For the first three quarters of 2025, the company achieved operating revenue of 652 million yuan, a year-on-year increase of 16.62%. The net profit attributable to shareholders was 56 million yuan, up 55.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 55 million yuan, an increase of 77.53% year-on-year. In Q3 2025 alone, the company achieved operating revenue of 243 million yuan, a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 19 million yuan, a staggering increase of 698.40% year-on-year [7][10]. Summary by Sections Revenue Performance - The revenue growth rate in Q3 2025 marked a clear turning point, likely linked to the continued recovery in downstream demand. The operating revenue for Q3 was 243 million yuan, with a year-on-year growth rate of 35.04%, compared to 219 million yuan in Q2 with a growth rate of 17.00%. The recovery in the defense sector and stable development in the aerospace sector contributed to this growth, alongside an expansion in the civil communication high-end equipment business [8]. Profitability - The company's performance in Q3 2025 was impressive, with both gross margin and net margin showing year-on-year improvements. The gross margin for Q3 was 36.09%, an increase of 5.59 percentage points from Q3 2024, while the net margin was 8.87%, up 6.73 percentage points from the previous year. This improvement is attributed to increased production and sales scale, as well as enhanced product profitability [10][11]. Financial Forecast - The company maintains its earnings forecast, expecting operating revenues of 913 million yuan, 1.05 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 19.75%, 14.92%, and 13.00%. The net profit attributable to shareholders is projected to be 123 million yuan, 147 million yuan, and 180 million yuan for the same years, with growth rates of 139.92%, 20.23%, and 22.37% respectively. The earnings per share (EPS) are expected to be 0.65 yuan, 0.79 yuan, and 0.96 yuan for 2025, 2026, and 2027 respectively [12][14].
富士达（920640）：需求继续回暖，业绩增速亮眼